5 Tips to Make Smarter Purchase Decisions & Save Money

by Susan Paige on September 23, 2019 · 0 comments

To err is human. Everyone suffers from the occasional lapse in judgement. However, there’s a difference between the odd financial slip up and a pattern of irresponsible spending behavior. The problem is that determining whether or not a purchase decision is a good idea is very difficult without the benefit of hindsight. Thankfully, today we’re going to help budgeters avoid regrettable purchases and save more money as a result. Check out our top five tips here:

Give Yourself Time

For better or worse, we live in an era of instant gratification. When we see something we want, we buy it. And retailers like Amazon that offer quick, online purchases enable this sort of behavior. The key to eliminating a huge number of unnecessary impulse decisions is to simply give yourself time to consider them. Bookmark what you want to buy and revisit it after a few days. Odds are, you’ll find you don’t want it nearly as badly as you thought you did at first.

Ask a Friend

Friends and family members can offer solid advice and prevent you from buying dumb things that serve no purpose. If you’re on the fence about buying something, get a friend or family member’s opinion first.

Consider the Return

Not all purchases are equal. Some are able to provide returns on initial investment. For instance, it makes sense for a drug store owner to buy a POS system for pharmacies because it will help them make more sales in the future. Alternatively, many purchases don’t offer value in return. Unless what you’re buying is really worth it, pass on it until later.

Weigh Needs vs Wants

There’s a clear distinction between things you need –– like groceries, gasoline, and electricity –– and items you merely want to have. Budgeting can be difficult in this regard. After all, it often involves making sacrifices and delaying gratification. However, it’s preferable to the alternative.

Stick to a Schedule

When are you most likely to make a bad purchase? In general, impulse buys occur when you have too much time on your hands –– when you’re bored and free to browse your favorite ecommerce sites. By sticking to a tighter schedule, though, you can cut down on these dangerous intervals that lead to regrettable purchases. And if you find yourself meandering toward a bad decision, look for something productive to do instead. Clean up around the house, go for a run, read a book–– do anything to keep you away from the sites like Amazon that will tempt you into poor purchase decisions.

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